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China is buying up oil and gas reserves across the world at an unprecedented
pace. Figures for 2012 show that the world’s second-biggest economy
unleashed its spending power on energy assets this year, spending a record
$35.7 billion.

The figure includes oil and gas prospects and assets further down the supply
chain, such as refineries. But it excludes the investment that China will
have to make to increase production, estimated to be billions more.

Among the assets China has bought are two companies with large blocks of the
British North Sea, Nexen and Talisman. The purchase of Nexen alone, which